How To Spot And Screen For Chart Patterns With Finviz: Manually Filter The Results
Whether the quick summary list is used, or a comprehensive stock screen conducted for chart patterns, some manual work is still required. The chart pattern screener narrows down the list of available stocks to trade, but not all of them will be worth trading.
How To Spot And Screen For Chart Patterns With Finviz: Conclusion
For instance, in Figure 5 above, the stocks shown have already broken out of their rising wedge formation. Some traders may like this, as they can wait for a rebound and then go short, while other traders may only want to trade the initial breakout and therefore are only looking for stocks that are still within the pattern.
When a potential trade candidate is found, the trader may want to redraw the chart pattern on his or her own chart to find the actual breakout point, based on their own interpretation of the pattern.
Some traders draw chart patterns along price extremes, while others exclude price extremes. The Finviz chart patterns are therefore only an interpretation of a chart pattern. The trader must then decide if they agree with that interpretation or if they would draw the pattern using different prices as support and resistance.
In this way, Finviz provides traders with a list of potential chart patterns that meet certain criteria, but it is still up to the trader to pick from that list the patterns that provide the most potential to them.